Two separate announcements this week underscore the accelerating shift toward near-continuous trading across US financial markets. Broadridge Financial Solutions revealed an integration with institutional broker CAPIS that will bring overnight US equity trading to its NYFIX network, while Cboe Global Markets reported record options volumes alongside surging overnight activity.
Broadridge plugs institutional traders into overnight equities
Broadridge is enhancing its NYFIX order‑routing platform to allow asset managers, hedge funds and broker‑dealers to trade over 4,000 NMS securities during overnight hours. The connectivity is achieved through CAPIS and the Blue Ocean ATS, the alternative trading system that has become a central hub for after‑hours US stock execution. By embedding overnight liquidity directly into existing institutional workflows, Broadridge eliminates the need for firms to use separate retail‑style apps—a significant step in making continuous access a standard part of the professional trading toolkit.
Cboe’s options business sets records as overnight session surges
Cboe’s four US options exchanges averaged a record 22 million contracts per day in May. Multi‑listed options ADV climbed 25.7% year‑on‑year to nearly 16 million contracts, while index options jumped 38.8% to more than 6 million contracts. Perhaps most striking, SPX options traded during Cboe’s Global Trading Hours (8:15 p.m. to 9:25 a.m. ET) hit a record 171,000 contracts per day. The exchange also saw off‑exchange equity matched shares soar 89.4% to 243 million shares, highlighting the fragmentation of liquidity across venues. Cboe recently received SEC approval to extend hours for select multi‑listed equity options starting in July 2026 and is planning 23x5 US equities trading on its EDGX exchange later this year.
A structural trend gathers pace
Together, the moves by Broadridge and Cboe illustrate that the traditional 9:30‑to‑4:00 trading day is dissolving. Global investors, driven by the need to react instantly to earnings, macro data and geopolitical events, are demanding round‑the‑clock access—not just from retail brokers but from institutional infrastructure providers. This transition is blurring the lines between previously distinct market sessions and pushing exchanges and connectivity networks to compete on global accessibility and cross‑asset reach.
